Verizon is set to cut approximately 15,000 jobs this month as new CEO Dan Schulman leads a massive restructuring bid. The wireless carrier has faced mounting market pressure as its customer base shrinks — with older rivals offering cheaper plans and cable operators entering the fray.
According to a Reuters report, the layoffs will affect about 15% of the Verizon workforce and take place as early as next week. Sources told the publication that the cuts would reduce non-union management ranks by more than 20%.Verizon also plans to turn about 180 corporate-owned retail stores into franchised operations.